By Brian Swint
Bitcoin and other cryptocurrencies were rising early Monday after trade tensions between the U.S. and China reignited over the weekend.
The move illustrates how crypto assets can benefit from two competing narratives about their value. On the one hand, they can be seen as safe havens when other assets are at risk. On the other, they often rise when riskier assets such as technology stocks are going up as well.
The latest advance is more of a haven trade--gold futures were also advancing to start the week. Crypto is also getting a boost from recent promises from President Donald Trump's administration to make the U.S. the crypto capital of the world. Vice President JD Vance gave the keynote speech at a conference in Las Vegas last week in which he said crypto has a champion in the White House, referring to Trump.
Bitcoin, the oldest and largest crypto, was up 1% over the past 24 hours to $104,956. The digital asset advanced more than 10% in May and achieved a new record high above $111,000.
Ethereum, the second-largest crypto, was down 0.4% early Monday. XRP was up 1%. Solana added 1.5% and Dogecoin gained 1.4%.
Write to Brian Swint at brian.swint@barrons.com
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June 02, 2025 05:15 ET (09:15 GMT)
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